Mergers: Commission clears the extension of the scope of Solunion Seguros' activities

The European Commission has approved, under the EU Merger Regulation, a transaction under which Mapfre SA of Spain and Allianz Group of Germany, through its affiliate Euler Hermes Group SA of France, to enlarge the scope of the activities of their full-function joint venture Solunion Seguros, Compañía Internacional de Seguros y Reaseguros de Spain en bonding insurance in Spain and some Latin American countries. Solunion Seguros is currently active in the supply of insurance in Spain and some countries in Latin America. Inscredere insurance protects policy holders against the risk of their customers' insolvency. Mapfre is active in insurance and reinsurance activities worldwide. Allianz is active in the insurance, Euler Hermes is one of the world's leading banks and asset managers, with bonding, guarantees and collections worldwide. The Commission concluded that the transaction would be limited to horizontal overlaps or vertical relationships between companies. The transaction was examined under the simplified merger review procedure. More information is available on the Commission'scompetition website, in the public register register under the number number M.8794 .